Stake into a chinese chip acre. Dip the most in nearly two months yesterday, setting the index closing down over 2 for the week. All companies except for 14 on the s p were down yesterday. Julie hyman has much more. Lets put this in context. The s p 500 was at a record as recently as september 18 and hasnt been losing ground. Down only 2. 3 from that time but we have seen a change in about whatconcerns is happening geopolitically around the globe in russia in particular. Of course, the continuing situation in the middle east, what effect will that have on oil and other segments of the market. Then in the background, the fed, when will that raise rates, what effect will that have . You see the three major averages. We still have not seen that 10 pullback in more than three years in the major averages, but yesterday, 320 billion are raised from the value of the s p 500. I should also mention apple contributing to that over concerns of its latest operating system update. The vix,lso see another way to measure the concern that we had yesterday when we had a rough in stocks. This morning, as you mentioned, little changed. We have not seen a fourday losing streak for stocks this year. Today would be the fourth day. We have not had this consistent so far this year. Until recently, stocks have been generally rising. Thank you, julie. In company news, blackberry reported a smaller secondquarter loss than wall street expected. Revenue fell to 960 million, compared with 949 million estimated. Targeting breakeven cash flow by the end of 2015. This week the ceo spoke with Bloomberg Television ahead of the report to talk about when he thinks the company will be profitable. I told people that we will be sometime 2015. I am Still Standing by that. Depending on the receptivity of the phones, the classic coming out in two months, our software releases. I expect to see growth next year. Growth on the top line, i could make a profit sooner. It looks like he is talking on his phone. Ipoeems like the alibaba brought a peak in the markets and since then, the s p has been taking and bears are piling on. Up to 8. 9 million shares are shorted against alibaba. To kick things off this morning, i want to bring in my guest post, someone with one of the most acceptable 10 years of any media ceo. Bob wright is the former chairman of nbc universal. Great to have you here this morning. You recall, the last time are on, Something Else happened in the markets. You pick the best days to come on. Do you think we are at a peak year in the markets . I doubt it. You have treasury selling at negative yields. You cannot get bond yields that are attractive. You have, i think, a stock pickers market right now, instead of just an index market. Companies will be looked at for ratios and earnings, but there is no place to go in equities. You are not going to be buying negative yield in bonds. The fed has reinforced that they would not raise rates. It is an equity market, regardless of whether some go up or down. For ceos, it has been a goldilocks period. Stock prices have gone up, they have not had much do with it, just momentum here. Poor for mostbeen of the past five years. The market was just at 6000 in 2009. May have had the opportunity to have enormous productivity increases. If there is no demand, they go after productivity. Unfortunately, that is a negative side. However, they are stronger than they have been in many years in terms of their capital structure, their ability to deal with a growing market. I would say that is a positive for equities on the longterm, in good shape, not overloaded with debt. They probably would like to be at these rates. We will talk more about this, media stocks have been hit quite a bit this past year. Broadcasters in general. They have had a 50 increase in the past month. A huge rally. Talking about taking some shine off the top. Bob wright is my guest host of the hour. Lets move abroad to the debate in the u. K. Parliament over whether the country should join the u. S. And its arab allies in airstrikes over iraq. A vote is expected at noon eastern time. With guy get more johnson from london. What is the latest from parliament . The Prime Minister has been laying out the case for air strikes. He says there is a legal basis for these strikes to take place. He also says there is a clear danger to the british people and that this is something the u. K. Should not subcontract out to other countries. He also didnt make it clear that this was something that would not be over quick. This is patience and persistence, he said, rather than shock and awe. This is going to be a mission that will take on just months but years, but i believe we have to be prepared for that commitment. The reason for that is, i think quite rightly, america, britain, and others are not contemplating putting combat troops on the ground. There will be troops on the ground but they will be a troops, kurdish, and we should be supporting them in all the ways that i will describe. Is the vote likely to go through . I think it probably will. Senior Labour Party Figures looked like they are backing this, and the love and looks like he is behind attacks in iraq. However, the u. K. Has a very big interest on whether or not these attacks are illegal. This is something the u. K. Has been grappling with for a long time. This follows on what happened in iraq. The Prime Minister making it clear he iraqi authorities have asked for airstrikes, which means airstrikes inside of iraq are illegal. Legal. Serious a different matter but the iraqi story, the labour party is on board with. Looking forward to 2015, there is an election cycle starting. To looknts more like a Prime Minister and is taking part in foreign policy. So yes, it is expected to go through. Thank you so much, guy johnson. Back in the u. S. , the president needs to find a new attorney general after eric holder announced he is stepping down yesterday. , after ary emotional controversial six years at the justice department. You, mr. To thank president , for the opportunity giving me theor greatest honor of my professional life. We have become great colleagues but our bonds are much deeper than that. In good times and bad, and things personal and professional, you have been there for me. I am proud to call you my friend. Both teared up yesterday. Peter cook has more on a possible successor. How soon will he be picking a successor . A lot of democrats are pushing the president to name someone sooner rather than later because that will increase their chances of getting someone in the job quickly. This all depends on the midterm there. N, what happens if republicans take control of the senate, democrats have a limited window in the lameduck session to confirm his replacement. Republicans do not want to be jammed with somebody under those circumstances. They want to handle it in the new year, in a more thoughtful way. My bed is the president will move sooner rather than later because he wants to get that person in place. Certainly, eric holder does. He does not want to serve into next year. Who is running in terms of placeholder . Massachusetts governor deval bahrara. Preet you have the president former white house counsel, you have the solicitor general arguing at the supreme court. Are not safe picks, but the easy fix inside administration. Otherwise, the attorney general in california, come all harris, thatoretta lynch, someone holder has followed close leak, her work within the justice department. The few days to keep an eye on. Thank you, peter cook. Another form of goodbye yesterday. They do not write script like this in hollywood anymore. See what happened at derek jeters last home game at yankees stadium. And pay tv channel stars looking for a buyer. Is Rupert Murdoch interested . The formerr from president of nbc universal, bob wright, my guest host of the hour. Big hit to right field. Here, richardson. Richardson is safe. Derek jeter in his final game with a walkoff single a storybook finish for derek jeter. He drove in the winning run at his final atbat at yankee stadium. He is retiring after 20 years with the yankees. He said that once he stepped up the plate in the ninth inning, his thought was, dont cry. Jeters final season has been a ratings season boost. Eyeballs, especially the younger ones, are going digital. Host, formerest chairman and ceo of nbc universal, bob wright. Also cofounder of autism speaks. Did you see the game . I saw a lot of it. It was great. Are you a yankees fan . I am, but i am also a red sox fan. I know that is impossible. I have a home in nantucket. This week, all the networks are premiering their new shows. Competing with the lights of netflix and amazon now. How is this going to shake out . There is really no need to have a season term. They used to be valuable. They are spending a lot of money on marketing. The reality is, the shows that are alive, like the nfl, are the ones that are getting huge ratings. The networks have shows that really do get ratings like the voice and dancing with the stars. These new shows will sort themselves out and they will probably end up having their life on video on demand or some kind of delayed dvr. Why is that . It is the numbers game . It is the way the world is now. They are spending a lot of money to promote them. Once they are promoted, people will sort them out. The networks will still not put all the episodes together. You can go to netflix and you can see all of the episodes. Amazon will show you the whole season. Im not sure that is exactly what people want, but people are using it. The Internet Services will have an impact. That will not necessarily be a dangerous thing for networks. Why not . Because they have good shows and they will get watched too. The shows that people end up picking, they have less regulation, they can do tv mature, sexually exquisite, a lot of things that the broadcast networks cannot do. Saw that with orange is the new black. I think we have some video from amazon who is debuting their new transparent. They are releasing 10, halfhour episodes at once. Matter is not a subject that Many Networks want to have anyway for that particular show. It is pretty controversial. Amazon has said, we are going to pour 100 million into these new shows. The first one did not do too well. Me of the movie business. Every three or four years, some Company Comes in and gathers money from all around the world and says we are going to make the most spectacular movies and four years later they spent hundreds of millions of dollars and got moderate reception and then disappeared. That has been going on since movies were produced. Movie companies are always sorting through, trying to get financing on that basis. Does amazon really want to be a Television Producer at that rate . Maybe a dropon is in the bucket for a company that is raking in billions in cash. Serious money on a television front, isnt it . No question. The question is if it will have a return. If you were to advise that the, what would you advise them up, first of all, and what is their ultimate goal . They want to be everything that netflix is, but everybody wants to be netflix. Before and doing it in a different format. Its a question of whether jeff bezos you look at alibaba. They are a lot broader than amazon. Does he want to do everything that alibaba is . They are acting as a broker and that keeps their cost down. He television to it does not make the suits, he does not make the tvs. This is amazon. Now he is going to make the Television Shows and so forth. That is a slippery slope. We were talking about how shares of Media Companies have gone down. Up. 300 since 2009. What is interesting this year is the broadcasters have gone down 24 , but the Cable Companies have been pretty stable. Part of that has to do with all of the m a activity going on. Cable Companies Like comcast, in particular, have really entered the pay business. Time warner does a lot of it as well. The good news for the broadcasters, you cannot skip the commercials. So the commercials are in there and then advertising comes back into focus in a different way. 70 of viewership now on video on demand. That is potentially good for broadcasters. My guest host, bob wright, former chairman and ceo of nbc universal. You are watching in the loop live on Bloomberg Television. Good morning, im betty liu. A software bug called shell tock being called a threat millions of devices connected to the internet, including computer servers, power plants, and even refrigerators. It affects a Free Software system used by 70 of machines connected to the internet. A warning for ridesharing Companies Like uber, lyft, and sidcar. Officials in San Francisco say take actionll unless they change operations, providing misleading information about the drivers backgrounds. Sidecar says it disagrees with the claims. Samsung and apple are at it again. Is released in 4 south korea. Trying to be released in china releasedhone are there. Meanwhile, some problems about tweeting thatlus, their phone is curved, not bent. We have had an incredible week so far. Good news for the bears because they have been right so far. It looks like we may be ending down at least 2 . S p futures are a touch higher after the del valle 264 points yesterday. We are on the markets again in 30 minutes. The controversy continues for the nfl. From the ap asserting that the video of ray rice punching his fiancee was sent to the leagues security chief in april. Jeffrey miller denies the statements and issued a statement saying that is different from what is reported out there. Wright,th us is bob former chairman and ceo of nbc universal. Media and sports have been common partners for some time. This thing has been getting crazy. This person who initially talked to the ap reporters said that he or she sent the video to jeff miller, along with a note saying that this is incredible, you have to see this. Somebody from the nfl reported, millers. Two jeff maybe the application is the other guy got it. This isittle bit the only humor in something that is not humorous at all. It is getting to be very ridiculous. All of this happened in april. This is not just a recent. There have been some repercussions here at the nfl. Andle looked at goodell asked, should he go . What do you say . This story has been about men talking about beating up women with other men. And thatbeen going on is not a good angle at all. The boys club. The lastas happened in week or two is some very prominent women has entered the field. Hudson has been appointed a chief marketing officer for the nfl. She has a strong background in marketing. I met her years ago at pepsicola. She has been at a consulting business but is very knowledgeable. She was the head of pepsi north america when they started doing big deals with the nfl. That is a positive sign. E of the onair reporters firstpersondid a commentary on espn that was unbelievably good. She has been in the business 25 yearsplus and never did anything like this before. Another one of their analysts, bill simmons, was suspended for his comments, calling Roger Goodell a liar. Rachel nichols, who is now with cnn, came on very strong in the interview. E nolan why is that important to you . These are women who come in the past taken a position on things like this. They have done straight down the middle journalism. These situations never happened before. You also have four women who organization, an a Domestic Violence initiative. That is really important. To say is that we are not at the tipping point. But you will never know will you are at a tipping point. Most of the buyers are women, 50 are women. Is thatne part of this is all important, but we have not seen the dollars. We have not see the money talking. We are not going to see that nearterm. That is not going to happen. You also do not see any boxing did you get a sponsorship, any sponsorship. Ing they have to get payperview events. This is the same situation right now. They have all kinds of problems, athletic directors not paying attention. Theres something going on here that is very different terms of reaction that we have seen in the past. The sunlight is coming down and shining in force. We have breaking news coming out. Economics editor mike wiki has more. He is not pimcos bill gross anymore. That billrelease says gross has left pimco and as of september 29 will be running an unconstrained bond fund at Janus Capital. They will establish a new headquarters in newport beach, california. Bill gross operates from and he will manage the fund there. He says he wants to get back to managing client money. It is a huge developing story. Stories recently about money of the funds that he manages for pimco, so he may want to get out of the politics of that. Willeloping story that we keep an eye on. A huge potential story for the bond market and for the investing world that no gross is going to Janus Capital, leaving pimco. No change in the Fourth Quarter gdp numbers. Looks as if wet have a Strong Economy in the Second Quarter. A big bounce back in the first quarter. In a lot of this from health care spending. Service numbers go up because of the change in the numbers from obamacare. No real impact on the Overall Economic thinking at this point and we knew the Second Quarter was strong going forward. Keep an eye on the bond market, keep an eye on the pimco news. You. At is huge news, thank we will stay on that story. Mean janusjoy he capital and leaving pimco can we will have 40 moment. Stay with us. Some pretty big news. It is not your weather bill gross has left pimco. We did get a press release about ill gross joining Janus Capital. Employment to be the effective on september 29, 2014. You will be managing the janus global unconstrained bond fund. And he isbond king, taking on employment at Janus Capital. 29,ct if september running their unconstrained bond fund. You certainly know have as one of the big wall street layers. Isthe problem here investigation. That is a lot of depositions of things of that nature. They both may have come to the conclusion that bill is better